Pensions Ahhhhhhh

Andy_L

jem16 wrote: »

You didn't need to "retire in service". You could have "frozen" the pension which meant it would have grown in line with inflation until you were able to take it at normal retirement age.

Depends, Margaret may have left the NHS before index linking for defered members was a legal requirement.

jack_spratt_2

During the dates mentioned NHS and public sector pensions were always a big no no even at the height of mis-selling, Companies would run a mile rather than transact the business

Jennifer_Jane

Jack Spratt - you seem to have considerable knowledge. Are you an FA, IFA, or similar? As you are new, I'm sure it would be helpful to know your background.

Just wondered if it should go in your signature?

My background doesn't go in my signature (ex financial advisor in South Africa, and have FPC3 in UK 8 years ago), because it is not relevant information and could be misleading. But you seem to have UK background.

Regards
Jen
x

margaretclare

EdInvestor wrote: »

MC

If you received "advice" from a salesman or IFA about transferring your NHS pension to a private one after 1988, then you may have a case for misselling. This was widespread at the time. :mad:

There was a formal review by the regulator which forced companies to pay compensation in the 1990s. But not all cases were detected, and indeed people who were abroad are likely to have slipped through the net.

No one SOLD me anything!!!

After 20 years of benefiting from the decision I made, I am not likely to try digging up the details and going through such a procedure as you indicate. A lot of water has flowed under the bridge since then and I repeat, I benefited from a decision that I made myself at that time. I've been paid an annuity all those years and I continue to be paid it. Let's leave my circumstances on one side, shall we. I only mentioned it because an assumption was made - again by Jack Spratt IIRC - that DH and I have 'company pensions'. We haven't.

jem16

margaretclare wrote: »

No one SOLD me anything!!!

No need to get ratty with everyone. People have been trying to help.

I repeat, I benefited from a decision that I made myself at that time. I've been paid an annuity all those years and I continue to be paid it.

It is unlikely that you benefited from a decision to take an annuity at age 53 as the younger you are the poorer the annuity rates are. Nurses are able to retire at age 55 so if it was the same back in 1988 you only had to wait 2 years before being able to take your NHS final salary pension.

EdInvestor

jack_spratt wrote: »

During the dates mentioned NHS and public sector pensions were always a big no no even at the height of mis-selling, Companies would run a mile rather than transact the business

Not so.Indeed, some insurers even employed former nurses as "advisors" so they could ring up their ex-colleagues and suggest they switch out.

MC:the term "misselling' is a technical one.Even if you weren't 'knowingly' sold anything a (mis)sale may have taken place as far as the authorities are concerned.

Obviously it is up to you if you want to check it out any further. But if it occurred pre- 1988, there would be no possibility of a claim anyway - and of course it is quite possible, as you say, that you have not made any loss.

jack_spratt_2

margaretclare somehow we seem to have got off on the wrong foot I was just expressing an opinion no offence was meant to you at all .

The main thing is you are happy with your financial decisions you have made !! nobody can say if it was the right investment decision to do we do not know your personal circumstances at the time you did it !! and also its not any of our business its yours .

Regarding the policy not being sold from August 1988 advisers had to compete a review of your financial position( but good advisers did it anyway) if the business was completed after that date you probably would have done so unless you refused to give the information.

I do not think you were able to do just execution only business then but may be wrong

dunstonh

Pensions Mis-sale was a hindsight event. You could send off a case to an actuary for review and it would come back as good to transfer but then with hindsight and changes in economic events and everything else it turns out that the assumptions used didnt work out. I know someone that worked for an insurance company compliance team dealing with pension reviews that reckoned that 4 out of 5 Section 32 buy out bonds they did were classed as mis-sales under the review even though the actuaries that gave the sign off to do them classed them as right to do. Very few pensions were mis-sold with malice. Even the Government ran adverts at the time encouraging people to do it. These included teachers, nurses and all sorts.

Further hindsight has come from the person that instigated the pension review. He has recently claimed that too many people received redress and that there wasnt as many mis-sales but people still got money. Further pension rule changes have swung the pendulum on what was right on wrong on a number of issues.

The current stance appears to be that the FOS are upholding virtually every complaint on final salary scheme pension transfers. This is even with low critical yields and what many here would consider justifiable reasons. The FSA take the view that unless proven otherwise, they will start with the assumption that a final salary pension transfer is a mis-sale.

Things change and what is right now may not be right later. Just look at AVCs and FSAVCs. For a while AVCs were best and some people got mis-sales upheld on FSAVCs. Now FSAVCs are often better than AVCs because of rule changes.

Luckily the FSA doesnt seem to invoke retrospective reviews any more and the FOS should review a complaint on the basis of the rules that were in place at the time. Not those that are in place now.

jack_spratt_2

Government ran adverts at the time encouraging people to do it

yes "break your chains " I remember it well

jack_spratt_2

EdInvestor Not so.Indeed, some insurers even employed former nurses as "advisors" so they could ring up their ex-colleagues and suggest they switch out.

Yes that was a ploy some less reputable companies used !!they did also employ advisers with very little training and tell them togo round old friends and old colleagues and when they had exhausted there contacts say goodbye to them .

Its a good thing we have moved on from that and do agree with dunstonh many contracts were written in good faith as the advisers depended on the actuaries